The stock market was pounded for a second day Friday after China retaliated with new tariffs on U.S. goods, sparking fears President Donald Trump has ignited a global trade war that will lead to a recession.
Here’s a tally of the stock market damage:
The Dow Jones Industrial Average dropped 2,231.07 points, or 5.5%, to 38,314.86 on Friday, its biggest decline since June 2020 during the pandemic. This follows a 1,679 point decline on Thursday and brings the drawdown from its record to more than 14%.
The S&P 500 nosedived 5.97% to 5,074.08, also the biggest decline since March 2020. The benchmark shed 4.84% on Thursday and is now off more than 17% off its recent high.
The Nasdaq Composite, home to many tech companies that sell to China and manufacture there as well, dropped 5.8%, to 15,587.79. This follows a nearly 6% drop on Thursday and takes measure down by 22% from its December record, a bear market in Wall Street terminology.